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Colliers International 2014 report outlines Australian retail potential

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The Australian luxury hotel market isn't the only area of focus for investors and developers from overseas, as a 2014 Colliers International report notes that international retailers are also turning their eyes south.  

Australia is now an important retail market, say Colliers, which is due largely to the continual reinvigoration of city centres across the country.  

"International retailers are drawn to CBDs as their first choice for flagship store openings, which has re-established city centres as premier retail destinations and kicked off a new wave of CBD retail refurbishments and expansions," the Colliers report explained.  

Forever 21 is opening a massive store in the Sydney Arcade, and when completed it will stand as one of the largest Forever 21 stores in the world. The lease was signed for a significant 2,700 sqm.

Also of note is that H&M is set to open a new three-level store in the Glasshouse centre of the Sydney Arcade. Sephora will also open the first Australian outlet in December of this year.  

Space is an issue, however, and one that's certainly not made any easier with CBD populations continuing to climb. In Sydney alone, the Australian Bureau of Statistics claims that the population claims by 1,500 per day.  

"Finding the right location can take years. Over the past few years, the supply of new space and the resulting shuffle of tenants has impacted rent levels across the country and led to increased incentive levels in CBDs."  

This has meant even though such companies as Microsoft, Sony, and Marks and Spencer are starting to focus on Australia, space is a primary restraining factor.  

CBD rejuvenation is certain to continue through 2015, likely causing many more international retailers to begin considering development plans for Australia.  

Date Published: 18 Jan 2015
Category: General News

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